NOTICE OF A SPECIAL MEETING
OAKBRIDGE CONDOMINIUM OWNERS ASSOCIATION
10/19/10
To: All Oakbridge Condominium Owners
There will be a Special Meeting of the Oakbridge Condominium Owners Association held on November 4, 2010 at 7:00 PM at Perkins Restaurant located at 3295 E. Platte Ave. (corner of Chelton & Platte).
The purpose of this Special Meeting is to discuss financial considerations of the Oakbridge Condominium Owners Association.
This past summer we did quite a few upgrades around the complex. One goal of the upgrade was to have the roof of each building inspected for damage. Results of the inspection show that all the roofs have hail and wind damage.
Every roof needs to be repaired or replaced. The last time roofs were replaced, or any major work was done on any roof, was almost 20 years ago. In that time, we have had a few major storms and a lot of hail. There is damage to not only shingles, but some damage to the underlay of the roofs on a few buildings.
In order to replace roofs and fund the replacement cost we will be discussing how best to come up with the amount of money that we need. A Special Assessment of $200.00 to $300.00 for each unit/homeowner is a possibility, but we will discuss other options also.
Enclosed, please find a letter to homeowners from the HOA’s insurance company and management company, explaining how to change your personal insurance policy in order to cover special assessments for damage such as this that may arise.
A vote of the full membership will be taken at this meeting; therefore your presence is strongly encouraged. If you cannot attend, your proxy must be received no later than November 3, 2010 at the office of Courtney and Courtney. Keep in mind that if you send a proxy we will be voting on spending large amounts of money, so whoever you give your proxy to will be voting on your behalf.
Please come to this meeting to voice your concerns and help us find a satisfactory solution.
Sincerely,
The Oakbridge COA Board of Managers
Steve Kouri, Courtney and Courtney
October 12, 2010
Dear Oakbridge Homeowner;
The purpose of this letter is to notify you of a very important change in our Association’s master property insurance policy. Please read it carefully as this change may require you to amend your own Homeowners insurance policy to avoid any gap in coverage.
Our Association’s master property policy has a $1,000.00 deductible for losses other than wind and hail and a 1% per building deductible for wind and hail losses. The per building deductible for wind and hail losses is a change from last year. We want to make certain that all owners are aware of this new wind and hail deductible.
As an owner, you may be responsible for the deductible when a loss occurs. For wind and hail losses the Association may need to assess owners for a portion of the deductible. CB Insurance, our insurance Broker, has advised us that you can cover this deductible in your personal Homeowners policy, commonly called an HO-6 policy. This is customarily accomplished by two coverage provisions in your personal Homeowners policy. The first provision is called Dwelling and the second provision is called Loss Assessment. CB Insurance suggests that each unit owner carry at least $ 1,000.00 on dwelling and $ 1,000.00 on Loss Assessment. Many personal Homeowners policies include a limit for Dwelling and Loss Assessment automatically. If the automatic limits are not enough, most carriers will allow them to be increased at a very low cost to you.
Again, most of the major personal Homeowners insurance carriers provide this coverage, but each insurance carrier is different. There may be some who do not wish to provide the coverage. We strongly recommend that you contact your personal Homeowners insurance agent and/or carrier to make sure that your personal Homeowners insurance policy has adequate limits for Dwelling and Loss Assessment.
You or your agent may contact Andy Cobb (477-4277) or Linda Engle (477-4272) at CB Insurance to assist you in coordinating your personal insurance.
Respectfully,
Steve Kouri
Community Association Manager
on behalf of Oakbridge Condominium Board of Directors
MANAGED BY
Courtney & Courtney
4740 Flintridge Drive – Suite 201
Colorado Springs, CO 80918
Phone: (719) 260-8216 FAX: (719) 494-1219
e-mail: steve.kouri@courtneyandcourtney.com
